If the owners of different types of resources, which are combined to produce an output, agree on organizational relationships that define their responsibilities toward one another they have formed a _____
a. group
b. company
c. distribution network
d. team
D
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Assume that you start by hiring one worker at a time. Each time you hire an additional worker the average productivity remains the same
What does this imply about the marginal productivity of each worker that you hire? What will the marginal productivity function look like when graphed?
The change in total output that results from one additional unit of input is the:
a) Marginal physical product. b) Input price. c) Average product of the input. d) Unit cost of the input.
Given the demand curve in this graph, if price were $1.00, how much is consumer surplus?
A. $0
B. $1.50
C. $5.00
D. $10.50
The largest proportion of the U.S. public debt is held by:
A. the U.S. public (individuals, businesses, financial institutions, and government). B. foreign individuals and institutions. C. the Federal Reserve System. D. U.S. government agencies.